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U.S. No. 2 fund tells Big Oil to rethink Iran

Published Jun 11, 2007

Iran

U.S. investor heavyweight the California State Teachers’ Retirement System has asked soon-to-be-merged Norwegian oil companies Statoil and Hydro to consider getting out of Iran.

The California Teachers’ Retirement System, the second biggest fund in the United States with $170 billion under management, said in a press release that it was worried about its investments 14 companies with Iran business.

“CalSTRS has never and will never tolerate support of terrorism,” said Teacher Fund statement said, adding, “In the strongest words possible, we urge these businesses to consider the growing risk to their investment value by continuing their current activities.”

The Fund warned a federal bill that could become law would allow for the mass divestment of interests in large corporations.

The following companies were told to consider leaving Iran despite recent American diplomatic inroads with Tehran:

ENI Gaz Capital (Gazprom) Gazprom ADR Indian Oil INPEX Lukoil ADR Norsk Hydro ADR OMV Petrobras Repsol Royal Dutch Shell Statoil Total

The pension fund's Web site http://www.calstrs.com/

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